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GST: Annual Return 9 & 9A

GST: Annual Return 9 & 9A. CA Unnikrishnan M. Returns- Rectifications & Reconciliation. No Concept of Return Revision. Corrections can be made by resorting to guidelines prescribed in Circular 26/2017. Circular 26/2017. Para 4

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GST: Annual Return 9 & 9A

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  1. GST: Annual Return 9 & 9A CA Unnikrishnan M GST Annual Return

  2. Returns- Rectifications & Reconciliation • No Concept of Return Revision. • Corrections can be made by resorting to guidelines prescribed in Circular 26/2017 GST Annual Return

  3. Circular 26/2017 • Para 4 • Form 3B doesn’t contain provision for reporting differential figures for past (months) • Said differences may be reported on net basis along with current month itself • Tax adjustment remaining for adjustment, may be adjusted in subsequent month(s). • If not feasible, claim refund. • Corresponding adjustments in GSTR-1 should also preferably be made in the corresponding months GST Annual Return

  4. Common Errors 3B –Liability under reported GST Annual Return

  5. Common Errors 3B – Liability over reported GST Annual Return

  6. Common Errors 3B – Liability wrongly reported GST Annual Return

  7. Common Errors 3B – ITC under reported GST Annual Return

  8. Common Errors 3B – ITC over reported GST Annual Return

  9. Common Errors 3B – ITC wrongly reported GST Annual Return

  10. Annual Return and GST Audit • Annual return is to be filed for every financial year or before 31st December following the end of each financial year • R.P having t/o exceeding prescribed limit ( presently 2 crore ) shall file copy of audited annual accounts and RECONCILIATION statement, reconciling the value of supplies declared in the return. GST Annual Return

  11. Applicability • Section 44(1):- Every registered person other than • ISD • TDS/TCS deductor. • CTP • NRPT Shall furnish on Annual Return for every FY on or before the 31st December following end of the F.Y • Section 44(2):- • IF audit is required u/s 35(5) , copy of audit report + reconciliation statement in 9C is to be furnished GST Annual Return

  12. Annual Return- Extensions • Notification 39/2018 dated 04-09-2018 prescribed Form 9 and 9A to be filed by 31-12-2018 for FY 2017-18. • ROD Order 1/2018 dated 11-12-2018 extended due date from 31-12-2018 to 31-03-2019. • GST Council in 31st Council meeting dated 22-12-2018 recommended to extend date to 30-06-2019. • ROD Order 3/2018 dated 31-12-2018 extended date to 30-06-2019. GST Annual Return

  13. Annual Return- Changes • 31st Council meeting recommendation made to bring about changes to notified Annual Return formats • New Annual return formats notified vide N.N 74/2018 dated 31-12-2018 • “DECLARED in returns filed during year” substituted with “MADE during the year”. GST Annual Return

  14. Annual Return-Types Rule 80:- • GSTR – 9 – Normal Regd.Persons u/s 44(1) • GSTR – 9A – Composition opted persons • GSTR- 9B ECO required to collect TCS • GSTR – 9C – Recon statement + Audit report by CA/CMA in case turnover exceeds prescribed limit of 2 crores GST Annual Return

  15. Annual Return- GSTR 9 • Part I – Basic Details • Item 1- Financial Year • Item 2- GSTIN • Item 3A- Legal Name • Item 3B- Trade Name (if any) GST Annual Return

  16. Basic Details- Points • As indicated in Part 1, Annual return is a return pertaining to EACH GSTIN. • All assessees , except the excluded categories, must file Annual Return • Same assessee having multiple GSTIN, having multiple state registrations; provisions of law mandate that each GSTIN be considered separately and individual Annual return for each GSTIN to be filed. GST Annual Return

  17. Part II- Details of Outward &Inward supplies made during the FY • As per changes implemented in Notfn 74/2018 dated 31.12.2018 • Item 4 – Details of advances, inward and outward supplies made during the FYon which tax is payable • Divided into14 sub headings GST Annual Return

  18. Item 4A –B2C supplies • Instructions • Aggregate value of supplies made to consumers & unregistered persons on which tax has been paid • Includes supplies through ECO. • Value to be declared NET of Dr/Cr notes. • Source data- GSTR-1 Tables 5,7,9 & 10. • Excludes Advances received. GST Annual Return

  19. Item 4A- Source data • GSTR-1 (including amendments from table 9&10). Table 5A- Inter-state B2CL>2.5 L through ECO. Table 5B- Inter-state B2CL>2.5L others. Table 7A –Rate wise consolidated Intra- state supplies including through ECO. Table 7B-Interstate <2.5L POS (State) wise including through ECO. GST Annual Return

  20. Item 4B-B2B Supplies • Instruction • Aggregate value of supplies to Registered Persons including UIN holders on which tax has been paid • Includes supplies made through ECO • Excludes supplies on which tax is to be paid by recipient of supply; RCM cases • Dr/Cr to be mentioned seperately and not to be netted of in 4B GST Annual Return

  21. Item 4B-B2B Supplies • Instruction • Aggregate value of supplies to Registered Persons including UIN holders on which tax has been paid. • Includes supplies made through ECO • Excludes supplies on which tax is to be paid by recipient of supply; RCM cases • Dr/Cr to be mentioned separately and not to be netted of in 4B GST Annual Return

  22. Item 4C- Export on payment of tax GST Annual Return

  23. Item 4C- Export on payment of tax • Instructions- • Only ACTUAL Export of G/S/B • Dr/Cr notes to be included separately. • Source data - Table 6A of GSTR-1 • Inv/Shipping bill/BOE/IGST. GST Annual Return

  24. Item 4D- Supply to SEZ on payment of tax. • Aggregate value of supplies to be reported • Supplies made shall always be IGST • Source- Table 6B of GSTR-1 • Dr/Cr notes to be disclosed separetely. • Excludes Advances. GST Annual Return

  25. Item 4E- Deemed Exports • “ Deemed exports” – As per Section 147 ready with Notfn 47/2018 dated 18.10.2018 (prospective) • (a) Supply of goods against Advance Authorization • (b) Supply of Capital goods against EPCG authorization • ( c)Supply of goods to EOU • ( d) Supply of gold by bank/PSU specified in Notfn No 50/2017-CUSTOMS dated 30.06.2017 • Aggregate value to be reported. • Dr/Cr notes to be included in 4I/4J. GST Annual Return

  26. Item 4F – Advances on which tax has been paid but invoice not issued. • DOES NOT INCLUDE those covered under 4A to 4E. • Only details of UNADJUSTED advances as on 31.03.2018 are to be mentioned here. • Source - Table 11A of GSTR-1 GST Annual Return

  27. Item 4G-Inward supplies on which tax is to be paid on RCM • Instruction • Section 9(3)/5(3)- Mandatory throughout • Section 9(4)/5(4)- from URP • 01.07.2017 – 12.10.2017 - > Rs.5000 per day • 13.10.2017 onwards exemted. GST Annual Return

  28. Item 4H – Sub Total • Item 4H = 4A + 4B +4C +4D +4E+ 4F+4G. GST Annual Return

  29. Item 4I-Credit Notes in respect of 4B to 4E. • 4A is B2C and is shown net of credit notes. • Credit Note- Section 34- Only if • Tax charged exceeds tax payable • Taxable value exceeds valuation • Goods returned by recipient • G/S/B are found to be deficient. To be adjusted by September return subsequent to FY to which supply pertains to or date of Annual return filing, whichever is earlier. GST Annual Return

  30. Item 4I – Credit notes • Excludes Financial or accounting credit notes. • 4I also includes refund vouchers for advances made. • Credit notes pertaining to 0%/ exempted supplies also to be excluded. • Pertains to Credit notes “ISSUED” during FY 17-18 ONLY. GST Annual Return

  31. Item 4 J- Debit Notes in respect of 4B to 4E • 4A is B2C and is shown net of debit notes. • Section 34 – Debit note- Only if • Tax charged or taxable value is to be increased. • No cut-off date like September like for Credit notes. • Dr notes pertaining to 0%/Exempted supplies not to be included here. • Pertains to Debit notes “ISSUED” during FY 17-18 ONLY GST Annual Return

  32. Item 4K & 4L – Supplies/tax declared through amendments. • 4K (+), 4L (-). • Possible amendments with no impact on fig. • GSTIN • Inv No • Inv Date • Shipping Bill no • Shipping bill date. • Possible amendments with impact on fig. • Total Inv value • Taxable vale • Rate of Tax • POS • Tax amount GST Annual Return

  33. Item 4K & 4L If value and taxes paid amendment Amendment made in FY18-19 – Taken to Part V and not reported here Within 17-18 amendment made- report here Not affected-not to be reported here * Amendment to 0%/exempted not included here. GST Annual Return

  34. Total of 4 • Item 4M = 4I + 4J +4K + 4L • Item 4N = 4M + 4H GST Annual Return

  35. Item 5 –Details of outward supplies on which tax is NOT payable made during the f.Y • Item 5A – Export w/o payment of tax • Source- Table 6A of GSTR-1 • Only against LUT • Excludes supply to SEZ/SEZ developers. GST Annual Return

  36. Item 5B – Supply to SEZ w/o payment of tax • Only to be made against LUT • As clarified in circular- substantive benefit of zero rating cannot be denied on procedural lapses. • Hence supplies made to SEZ before obtaining LUT may also be treated as Zero rated and included here GST Annual Return

  37. Item 5C– Supplies on which tax is paid by receipient under RCM • Aggregate value to be included here. • Dr/Cr notes to be shown separately • Source –Table 4B ( RCM Yes/No) GST Annual Return

  38. Item 5D- “Exempted”Item 5E- “Nil-rated”Item 5F – “Non GST supply” • “Exempted supply”- Defined u/s 2(47) • Any supply which attract nil rate of tax or which is wholly exempt u/s 11 or 6 of IGST and includes non-taxable supply. • Nil-rated”- Not Defined – any item with tariff rate nil. • Non-GST supply- Not defined GST Annual Return

  39. Item 5D,5E,5F • Source GSTR-1- Table 8 8A- Interstate R.P 8C- Inter-URP 8D- Intra-URP 8B- Intra-state R.P GST Annual Return

  40. Item 5- Others • Item 5 G = Sub Total 5A to 5F • Item 5H = Credit notes 5A to 5F • Item 5I = Debit notes 5A to 5F (Both of the above –similar to 4J and 4K) • Item 5J & 5 K = (+) and (-) amendments made. (Simlar to 4K and 4L) • Item 5L – Sub Total 5H to 5K • Item 5M = 5G+5L • TOTAL T/O = 4N + 5M – 4G GST Annual Return

  41. Part III- Details of ITC • Item 6- Details of ITC AVAILED during FY 17-18. • Item 6 A – Auto-populated from GSTR-2A irrespective of supplier filing corresponding invoice in ANY months GSTR-1. GST Annual Return

  42. Item 6B- Inward supplies other than imports & inward supplies liable to RCM , but including services received from SEZ • To be broken down into Input, Input services and Capital goods credit. • Instruction- Source- Table 4A(5) of GSTR-3B • Excludes re-claimed credits if any • Net value of credit notes by supplier to be adjusted (ie Purchase return) GST Annual Return

  43. Item 6C- Aggregate value of inward supplies liable to RCM from Unregistered persons. • Pertains to Sec 9(4)/ 5(4). • Instruction- Source – Table 4A (3)of GSTR-3B • Excludes Import of services • Inward supplies liable to GST under RCM which is NOT available as credit should NOT be disclosed here. GST Annual Return

  44. Item 6D- Inward supply liable to RCM from Registered Persons • Pertains to Section 9(3) and 5(3) cases. • Value declared in 6C + 6D should be less than or equal to sum total of Item 4G GST Annual Return

  45. Item 6E- Import of goods (including supply from SEZ) • - Source- Table 4A(1) of GSTR-3B • Item 6F- Import of services (excluding supply from SEZ) • - Source- Table 4A(2) of GSTR-3B • Item 6G- ISD credits • - Source- Table 4A(4) of GSTR-3B • Item 6H- ITC reclaimed after earlier reversal. • Note- 6B+6H should be equal to 4A(5) of 3B GST Annual Return

  46. Item 6I = Subtotal 6B to 6H • Item 6J = 6A-6I (ideally to be 0) • Item 6K = Tran -1 Credit (revised if any) • Item 6L = Tran -2 Credit ( As per ICAI GN- if Tran 2 credit claimed by filing in Apr 2018-June2018 , don’t include here) • Item 6M = Any other credit. ( Such as Section 18(1)(a) to (d), 18(3) cases through ITC 01,02 form filing credits. • Item 6N = Sub total 6K to 6M • ITEM 6O = ITEM 6I + ITEM 6N GST Annual Return

  47. Item 7-Details of ITC Reversed and Ineligible ITC. • Item 7A- Reversal u/r 37 • Section 16(2) read with Rule 37- ITC to be reversed if payment of value + tax not made to supplier by recipient within 180days from date of invoice • Exceptions (1)Sch-1 transactions (2) Value of supply added for valuation purpose as per Section 15 (2)(b). *Interest u/s 50 will be payable if not reversed. (Council decision to change this) *Once reversed, re-credit is not hit by time limitation of Section 16(4) GST Annual Return

  48. Item 7B- Reversal u/r 39 • Pertains to reversal of excess credits received from ISD. • Reversal may be required if ISD re-distributes credits covered u/s 17(5). GST Annual Return

  49. Item 7C- Rule 42 Reversals • Source- Part 4B of GSTR-3B • Applicable when common input credits are to be apportioned as per Section 17(2) and 17(3). • Exempt supply – For the purpose of Rule 42 includes • SCH III Item 5 • Items subject to lower rate of tax on condition of no ITC taken. (Ex- F&B) GST Annual Return

  50. Item 7D- Rule 43 reversal • Source- Part 4B of GSTR-3B • Applicable when capital goods used for taxable and non-taxable outward supplies • % formula based on useful life of 60 months and reversal thereof across life. GST Annual Return

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